Govt holds PEB in Iloilo City—located in the PH’s fastest-growing region

The government wrapped up its final leg of the Philippine Economic Briefing (PEB) for the year in Iloilo City–situated in the fastest-growing region in the Philippines–where key government officials outlined the Marcos, Jr. administration’s strategies to achieve inclusive and sustainable economic transformation.

PEBs serve as a platform for key economic officials to brief local and international business and financial communities on the latest developments concerning the country’s economic performance, investment opportunities, and the Marcos, Jr. administration’s development plan.

The PEB in Iloilo was held on December 11, 2023 with the theme, “Agenda for Prosperity: Economic Transformation toward lnclusivity and Sustainability.”

During the first panel discussion on A Fast-Growing and Forward-Looking Economy, Bangko Sentral ng Pilipinas (BSP) Governor Eli M. Remolona, Jr.; Department of Budget and Management (DBM) Secretary Amenah F. Pangandaman; Department of Finance (DOF) Chief Economic Counsellor Undersecretary Zeno Ronald R. Abenoja; and Philippine Chamber of Commerce & Industry (PCCI) Western Visayas Regional Governor Jobert A. Peñaflorida discussed key updates on the country’s economic development agenda.

Undersecretary Abenoja highlighted the government’s Medium-Term Fiscal Framework (MTFF) which was crafted by the economic team led by Finance Secretary Benjamin E. Diokno within the Marcos, Jr. administration’s first month in office.

The MTFF showcases the government’s commitment to pursuing fiscal consolidation to ensure that sustainability is given priority in the management of national government finances.

At the core of the Framework are the two fiscal strategies: improving revenue generation and boosting government spending.

Key reforms to improve revenue generation under the MTFF are the Real Property Valuation Reform (RPVAR), the Passive Income and Financial Intermediaries Taxation Act (PIFITA), imposition of value-added tax (VAT) on digital service providers (DSPs), tax on pre-mixed alcohol, and excise tax on single-use plastics (SUPs).

This also includes additional measures such as the rationalization of the mining fiscal regime, excise tax on